Fitch rates Indosat Ooredoo bonds AAA(idn)

Fitch Ratings said it assigned national long-term ratings of AAA(idn) to PT Indosat Tbk.'s (Indosat Ooredoo) Rp 2.72 trillion senior unsecured bonds and Rp 700 billion sukuk ijarah issues.

The issues are the second phase of Indosat Ooredoo's Rp 9 trillion bond program and Rp 1 trillion sukuk ijarah program, which has an AAA(idn) rating, Fitch said.

The proceeds will be used to refinance its existing borrowings and the remainder to pay the license fee for radio frequency spectrum, the agency said.

The ratings on Indosat Ooredoo's bond and sukuk issuances are the same as Indosat Ooredoo's national long-term rating of AAA(idn) as the risk of default on these senior unsecured obligations is aligned with that of Indosat Ooredoo, Fitch said.

The sukuk will represent the company's unsecured obligations and will rank pari passu with all its other unsecured obligations, the agency said.

The sukuk transaction will be governed by Indonesian law.

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